As many as ten recipients in each round will receive up to $150,000 each in capital to grow their businesses, advancing innovation and technology commercialization opportunities in Arizona. The funding for each awardee will be released in phases, according to milestones that are defined by participation in the Venture Ready mentorship program.

“The technologies being developed by each of our 20 finalists is truly impressive, and we congratulate them on being named finalists,” said Sandra Watson, President & CEO of the Arizona Commerce Authority. “I wish all of them the very best of luck in the next round of the competition and look forward to watching their final pitches!”

A total of 104 applications were received for the Fall 2018 round from companies across Arizona. The judges assessed each application on a set of criteria including technology potential, marketing strategy, quality of management team and economic impact.

The Fall 2018 semifinalist companies represent the following high-value sectors:

Sector

Count

Percentage

IT - Software

12

60%

Bio & Life Sciences

5

25%

Cleantech/Renewable Energy

1

5%

IT - Hardware

1

5%

Advanced Manufacturing

1

5%

Every applicant that meets the Challenge’s eligibility requirements receives constructive feedback generated from the rigorous online evaluation and scoring process. Semifinalists will participate in another round of judging and 20 finalists will be selected to continue on to the next round of the Challenge. Up to ten awardees will then be selected from that group of finalists.

All awardees will participate in Venture Ready, the ACA’s mentor program that connects early stage companies with high-level CEOs to further refine business plans and investor pitches. In order for the awardees to receive all of their grant funding, they will be required to successfully graduate from Venture Ready within 12 months.

The Arizona Commerce Authority (ACA) is the state's leading economic development organization with a streamlined mission to grow and strengthen Arizona's economy. The ACA uses a three-pronged approach to advance the overall economy: attract, expand, create - attract out-of-state companies to establish operations in Arizona; work with existing companies to expand their business in Arizona and beyond; and help entrepreneurs create new Arizona businesses in targeted industries. For more information, please visitazcommerce.comand follow the ACA on Twitter at@azcommerce.